Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 80365 

PRA burden of 4.5 hours. Based on the 

estimated wage rate, the total cost to the 

industry of the hour burden for 

complying with Form N–6F would be 

approximately $1,912.50. 

The collection of information under 

Form N–6F is mandatory. The 

information provided under the form is 

not kept confidential. An agency may 

not conduct or sponsor, and a person is 

not required to respond to, a collection 

of information unless it displays a 

currently valid OMB control number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

by January 16, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 14, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25478 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35047; File No. 812–15459] 

Saratoga Investment Advisors, LLC, et 

al. 

November 14, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of application for an order 

(‘‘Order’’) under sections 17(d) and 57(i) 

of the Investment Company Act of 1940 

(the ‘‘Act’’) and rule 17d–1 under the 

Act to permit certain joint transactions 

otherwise prohibited by sections 17(d) 

and 57(a)(4) of the Act and rule 17d–1 

under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

business development companies 

(‘‘BDCs’’) and closed-end management 

investment companies to co-invest in 

portfolio companies with each other and 

with certain affiliated investment 

entities. 

APPLICANTS: Saratoga Investment 

Advisors, LLC, Saratoga Management 

Company LLC, Saratoga Investment 

Corp., Saratoga Investment Corp. SBIC 

LP, Saratoga Investment Corp. SBIC II 

LP, Saratoga Investment Corp. SBIC III 

LP, Saratoga Investment Corp. CLO 

2013–1 LTD, Saratoga Investment 

Funding II, LLC, SIA-Avionte, Inc., SIA– 

AX, Inc., SIA–GH, Inc., SIA–G4, Inc., 

SIA–MAC, Inc., SIA–ARC, Inc., SIA–PP, 

Inc., SIA–TG, Inc., SIA–TT, Inc., SIAVector, Inc., SIA–VR, Inc., SIA–AAP, 

Inc., Saratoga Credit Fund I L.P., SIA– 

MDP Inc., and SIA–SZ, Inc. 

FILING DATES: The application was filed 

on April 25, 2023, and amended on 

September 1, 2023. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on, December 11, 2023, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

Act, hearing requests should state the 

nature of the writer’s interest, any facts 

bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: 

The Commission: Secretarys-Office@

sec.gov. 

Applicants: Rochelle Kracoff, 

Assistant Chief Compliance Officer, 

Saratoga Investment Corp., at rkracoff@

saratogapartners.com, and Steven B. 

Boehm, Esq., Payam Siadatpour, Esq., 

and Anne G. Oberndorf, Esq., Eversheds 

Sutherland (US) LLP, at 

anneoberndorf@evershedssutherland.us. 

FOR FURTHER INFORMATION CONTACT: 

Michael Schrader, Senior Counsel, or 

Terri Jordan, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ first amended and restated 

application, dated September 1, 2023, 

which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field, on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at, 

http://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25498 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–381, OMB Control No. 

3235–0434] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

15g–2 

Upon Written Request, Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.)(‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Rule 15g–2 (17 CFR 240.15g–2) (The 

‘‘Penny Stock Disclosure Rule’’) under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’) 

requires broker-dealers to provide their 

customers with a risk disclosure 

document, as set forth in Schedule 15G, 

prior to their first non-exempt 

transaction in a ‘‘penny stock.’’ As 

amended, the rule requires brokerdealers to obtain written 

acknowledgement from the customer 

that he or she has received the required 


khammond on DSKJM1Z7X2PROD with NOTICES
80366 Federal Register / Vol. 88, No. 221 / Friday, November 17, 2023 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See MIAX Exchanges Member Firm Portal User 

Manual, available at https://www.miaxglobal.com/ 

sites/default/files/page-files/MIAX_Exchanges_

Member_Firm_Portal_User_Manual_07142023.pdf. 

risk disclosure document. The amended 

rule also requires broker-dealers to 

maintain a copy of the customer’s 

written acknowledgement for at least 

three years following the date on which 

the risk disclosure document was 

provided to the customer, the first two 

years in an accessible place. Rule 15g– 

2 also requires a broker-dealer, upon 

request of a customer, to furnish the 

customer with a copy of certain 

information set forth on the 

Commission’s website. 

The risk disclosure documents are for 

the benefit of the customers, to assure 

that they are aware of the risks of 

trading in ‘‘penny stocks’’ before they 

enter into a transaction. The risk 

disclosure documents are maintained by 

the broker-dealers and may be reviewed 

during the course of an examination by 

the Commission. 

The Commission estimates that 

approximately 175 broker-dealers are 

engaged in penny stock transactions and 

that each of these firms processes an 

average of three new customers for 

penny stocks per week. The 

Commission further estimates that half 

of the broker-dealers send the penny 

stock disclosure documents by mail, 

and the other half send them through 

electronic means such as email. Because 

the Commission estimates the copying 

and mailing of the penny stock 

disclosure document takes two minutes, 

this means that there is an annual 

burden of 27,456 minutes, or 447 hours, 

for this third-party disclosure burden of 

mailing documents. Additionally, 

because the Commission estimates that 

sending the penny stock disclosure 

document electronically takes one 

minute, the annual burden is 13,728 

minutes, or 229 hours, for this thirdparty disclosure burden of emailing 

documents. 

Broker-dealers also incur a 

recordkeeping burden of approximately 

two minutes per response when filing 

the completed penny stock disclosure 

documents as required pursuant to the 

Rule 15g–2(c), which means that the 

respondents incur an aggregate 

recordkeeping burden of 54,600 

minutes, or 910 hours. 

Furthermore, Rule 15g–2(d) requires a 

broker-dealer, upon request of a 

customer, to furnish the customer with 

a copy of certain information set forth 

on the Commission’s website, which 

takes a respondent no more than two 

minutes per customer. Because the 

Commission estimates that a quarter of 

customers who are required to receive 

the Rule 15g–2 disclosure document 

will request that their broker-dealer 

provide them with the additional 

microcap and penny stock information 

posted on the Commission’s website, 

the Commission therefore estimates that 

each broker-dealer respondent processes 

approximately 39 requests for paper 

copies of this information per year or an 

aggregate total of 78 minutes per 

respondent, which amounts to an 

annual burden of 13,650 minutes, or 228 

hours. There was an overall decrease in 

the total burden hours because the 

number of registered broker-dealers the 

Commission estimates will be engaged 

in penny stock transactions decreased 

from 182 to 175. 

The Commission does not maintain 

the risk disclosure document. Instead, it 

must be retained by the broker-dealer 

for at least three years following the date 

on which the risk disclosure document 

was provided to the customer, the first 

two years in an accessible place. The 

collection of information required by 

the rule is mandatory. The risk 

disclosure document is otherwise 

governed by the internal policies of the 

broker-dealer regarding confidentiality, 

etc. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent by 

December 18, 2023 to 

(i) www.reginfo.gov/public/do/ 

PRAMain and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 14, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–25479 Filed 11–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98908; File No. SR– 

PEARL–2023–62] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Provide an Additional 

Means To Access the Exchange’s 

Equity Trading Platform Member Firm 

Portal 

November 13, 2023 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on November 2, 2023, MIAX PEARL, 

LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to provide an 

additional means to access the 

Exchange’s equity trading platform 

(referred to herein as ‘‘MIAX Pearl 

Equities’’) Member Firm Portal.3

The text of the proposed rule change 

is available on the Exchange’s website at 

https://www.miaxglobal.com/markets/ 

us-options/pearl-options/rule-filings, at 

MIAX Pearl’s principal office, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 


khammond on DSKJM1Z7X2PROD with NOTICES